Posted on 03/27/2008 10:54:24 AM PDT by sickoflibs
When I hear my fellow baby boomers gleefully talk about their elaborate plans to retire ASAP, head for the Tuscan hills, or otherwise continue their lifelong quest for "self-actualization," I have to bite my tongue.
It's not that I'm all work and no play. But there's just something - make that lots of things - wrong, in general, with retiring at 55, 62 or even 65. I would go so far as to call it profoundly selfish and unpatriotic.
However, if Americans retired later, either staying in their current jobs or taking up "encore careers" - what Marc Freedman of Civic Ventures calls do-good, later-life jobs - we could significantly slow the growth of our multitrillion-dollar national debt, which is largely driven by rising Medicare and Social Security costs (as yesterday's Social Security trustees' report makes abundantly clear). We also could keep more people in a labor force that would no longer be growing appreciably if not for immigrants. For individuals, working longer can mean more income and savings and something to bequeath to one's children. For the nation, if millions of us worked until 67 instead of 62, Americans' wealth and consumption would increase appreciably, fueling stronger economic growth. That added income would provide about $800 billion in additional tax revenues, and reduce government benefit costs by at least $100 billion in 2045, according to Urban Institute calculations. This alone would cut the projected deficit in 2045 by 159 percent.
To encourage such behavior, Social Security benefits taken before age 66 or 70 could be more highly taxed, and employee rates of Social Security taxation could be progressively reduced for each year worked after 66 or 70. Or the government could provide a similar sliding tax credit for Americans who continue working beyond age 70.
(Excerpt) Read more at baltimoresun.com ...
I hated it when Reagan and Clinton raised income taxes on social security benefits to pay for the general budget, It's no better than the phony I OWE YOUs they wrote themselves while spending the SS taxes. Notice they wont call for just cutting the benefits, that would show it's just a welfare ripoff scheme. By taxing SS benefits the people who paid no income taxes (but paid minimum SS taxes ) dont get a cut in SS benefits because they make under the income limit once gain.
Not surprised that it comes from that rag the Baltimore Sun, but here’s an idea...
SUCK A LEMON!
Take a flying leap off the nearest skyscraper, Yarrow. I'm retiring the day I turn 62, and I'd retire sooner if your beloved liberals weren't stealing so much of my income. You are not entitled to my labor, and I am not morally obligated to work to support your socialist nanny state.
I plan on working as long as someone will pay me.
I’ll tell you what, Andy, you work until you fall over dead from old age, while I retire and cruise around the country in my geezer RV.
Seems to think the problem with government is not enough revenue.
WRONG!! It's too much spending. Bush and his liberal Republican cronies have been spending our, our childrens' money and their subsequent generations' money at a rate that would embarrass Bill Clinton.
“....You are not entitled to my labor, and I am not morally obligated to work to support your socialist nanny state....”
Double - Bingo
Thank goodness that doesn't include me, I retired at 54.
Carolyn
I will retire as soon as I can without counting on SS and play golf and with grandkids. Call me unpatriotic but the framers did not intend for me to pay for someone else’s retirement.
Yeah, people should work longer so they can pay more taxes to help fund other people. If someone decides they can retire at 30 and they don’t expect anybody else to support them, what business is it of mine?
Carolyn
Another mathematical illiterate with a journalism degree.
Apparently he doesn’t understand how many days a year we all work for the government. Its into May now isn’t it? I just retired in January at age 62 and I have one response for this idiot - BMA!!!
“To encourage such behavior, Social Security benefits taken before age 66 or 70 could be more highly taxed,”....
Kiss my rosy red ass!....Who were the village idiots who got us into this mess?....Maybe the politicians who got us here should all get 9 to 5 jobs til they turn 90!
this guy is a socialist moron...just because I started saving for retirement when i was 21, and put together enough money to retire at 52, I am unpatriotic!!!!!!!! This guy can Bl@w me big time......
One small step, folks...
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